Shawshank, VA 4/5/12 (StreetBeat) -- Investorideas.com, a leader in research for independent investors presents its second exclusive Q&A interview with Medical technology stock, PositiveID Corporation (OTCBB: PSID). Mr. William J. Caragol, Chairman and Chief Executive Officer, illuminates on the first quarter operational highlights that have positioned the Company in the diabetes and biodefense markets for 2012. Q: Investorideas.com
Mr. Caragol, the biggest opportunity currently in front of your company for 2012 and beyond is the Department of Homeland Security's $3.1 billion BioWatch Gen-3 contract for your M-BAND airborne bio-threat detection system. Skeptical investors would ask how a small company like yours realistically plans to gain a piece of this high profile deal. Can you elaborate on what makes your technology a game changer and what your business strategy has been for entering in the defense playing field?
A: Mr. William J. Caragol, Chairman and Chief Executive Officer
By way of background, PositiveID’s M-BAND, developed under contract for the Department of Homeland Security over the past eight years by our Microfluidic Systems (MFS) subsidiary, is an early warning system designed to detect the intentional release of aerosolized biological agents. It runs autonomously for up to 30 days, which is longer than competing systems, and continuously analyzes air samples, typically in high-traffic areas, for the detection of bacteria, viruses, and toxins with results in as little as three hours. Results from individual M-BAND instruments are reported via a secure wireless network in real time to give an accurate and up to date status for fielded instruments in aggregate.
We believe we are well positioned for Gen-3 of Biowatch, as M-BAND is one of only two technologies that are compatible with DHS’ procurement for Gen-3 of Biowatch, which has a total value of more than $3 billion over approximately five years. This opportunity represents a very significant opportunity for PositiveID as the owner of the M-BAND technology. In order to effectively compete for this draft RFP, expected later this year, we plan to partner with much larger organizations including manufacturers and systems integrators that are well versed in government procurements.
Q: Investorideas.com
What has been put in place for the diabetes management products, Easy Check(TM) and GlucoChip(TM) for the first quarter and how will these developments change the complexion of the Company for 2012?
A: Mr. William J. Caragol, Chairman and Chief Executive Officer
As you know, diabetes continues to grow to epidemic proportions both in the U.S. and across the globe. An estimated 26 million children and adults in the United States and more than 346 million people worldwide are believed to have the disease. The pain and inconvenience associated with drawing blood each time a blood sugar reading is needed is one of the causes of poor patient compliance with diabetes management. Therefore, we believe providing a non-invasive measurement of blood glucose or an in vivo glucose-sensing system for people with diabetes could vastly improve disease management and health outcomes, and thereby decrease costs to the healthcare system.
To that end, in the first quarter we made significant progress with both Easy Check and GlucoChip. Easy Check is a non-invasive breath glucose detection device that measures the level of acetone in a diabetic patient's exhaled breath and correlates that acetone level to a measure of blood glucose. In February, we commenced our first clinical trial of Easy Check, which is being held at Schneider Children’s Medical Center in Israel, a preeminent research hospital, and is initially focused on people with type 1 diabetes. If we are successful with our continued development of Easy Check and bring this product to market, Easy Check could eliminate the need for a person with diabetes to prick his or her finger in order to get a blood glucose measurement.
GlucoChip is a continuous glucose-sensing microchip currently under development with our partner RECEPTORS LLC. In March, we announced we completed the first-in-class development of the glucose-sensing system – a fully synthetic, stable, sensitive, selective sensing system that is responsive to glucose in human plasma. This is a key milestone in our development of GlucoChip and is considered to be a critical step in the development of an artificial pancreas for people with type 1 diabetes.
Q: Investorideas.com
The Company was granted the U.S. Patent for first-of-its-kind Dragonfly detection system for molecular biological diagnostics. What is the significance of this to the Company in the short and long term?
A: Mr. William J. Caragol, Chairman and Chief Executive Officer
Dragonfly is basically a miniaturized version of our M-BAND system, or a “lab in a box” as we call it. Dragonfly delivers molecular diagnostic results, which are very specific and highly accurate, from a patient sample in less than 30 minutes at the point-of-care. The benefit of Dragonfly is that tests do not have to be sent out and performed at other labs with expensive equipment and healthcare professionals and patients do not have to wait days or longer for test results and proper treatment. Put simply, Dragonfly enables accurate diagnostics leading to the potential treatment scenarios at the point of care that are not possible with existing systems.
PositiveID believes its Dragonfly technology, which has been proven for illnesses such as influenza, MRSA, human papilloma virus (HPV) and others, will help the Company break into the clinical diagnostic market and create important partnership opportunities.
Q: Investorideas.com
In closing, referencing back to the first question of how a small company like PositiveID has positioned itself in two very significant market opportunities in biodefense and diabetes, the biggest question is always how does a small company not get eaten by the giants in the process
A: Mr. William J. Caragol, Chairman and Chief Executive Officer
PositiveID is a small, but innovative, technology development company. We look to acquire interesting and promising intellectual property, and develop those exciting technologies for unmet market needs. Once the development of any or all of our technologies is complete and products are ready for commercialization, we look to partner with the appropriate organizations to maximize the opportunities at hand.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and developer of advanced technologies for diabetes management and rapid medical testing, as well as airborne bio-threat detection systems for America’s homeland defense industry. Its wholly-owned subsidiary, Microfluidic Systems, or MFS, is focused on the development of microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats at high-value locations, as well as analyze samples in a medical environment. For more information on PositiveID, please visit http://www.PositiveIDCorp.com.
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